A bit more on Mnuchin's sabotage effort; it's helpful to know the context in which that money was made available in the first place 1/ https://www.nytimes.com/2020/11/19/business/economy/mnuchin-fed-emergency-programs.html?action=click&module=Well&pgtype=Homepage&section=Business

One of the great fears when the scope of the pandemic became apparent was that it would metastasize into a financial crisis too — and in fact it started to, with 2008-type surges in yield spreads 2/

Fed intervention, and even more important, the promise of more intervention if needed, calmed the markets. But it could happen again — after all, we seem headed for a virus outbreak worse than in the spring 3/

So it makes no sense to yank away the financial safety net — unless you're trying to set up the next president for disaster 4/